Mortgage Calculator
Mortgage & Real Estate
A mortgage is typically the largest debt most Americans carry. Our mortgage calculator goes beyond the monthly principal and interest payment—it includes property tax, homeowners insurance, PMI, HOA fees, and extra payments so you see the true monthly cost of homeownership and your full amortization schedule.
What This Calculator Does
- Calculate full monthly payment including taxes, insurance, and PMI
- View a complete amortization schedule month by month
- Model extra payments to see how much interest you save
- Compare 15-year vs 30-year mortgages side by side
- Calculate PMI removal date when equity reaches 20%
Frequently Asked Questions
What is included in a monthly mortgage payment?
A full mortgage payment is often called PITI: Principal, Interest, Taxes, and Insurance. It may also include PMI (if your down payment is under 20%) and HOA fees. Lenders typically escrow taxes and insurance as part of your monthly payment.
What credit score do I need for a mortgage?
Conventional loans generally require a 620+ credit score. FHA loans accept scores as low as 580 with a 3.5% down payment, or 500–579 with 10% down. VA loans have no official minimum, though lenders typically want 620+.
How much house can I afford?
A common guideline is the 28/36 rule: your monthly housing costs should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. Lenders also look at your debt-to-income (DTI) ratio, typically capping it at 43%–45%.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. Under the Homeowners Protection Act, lenders must automatically cancel PMI when your equity reaches 22% of the original home value. You can request cancellation at 20% equity.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but much lower total interest—you build equity faster and typically get a lower interest rate. A 30-year mortgage has lower monthly payments, offering cash flow flexibility, but costs significantly more in total interest over the life of the loan.
Should I pay points to lower my mortgage rate?
Each point costs 1% of the loan amount and typically reduces your rate by 0.25%. To decide, calculate the break-even point: divide the upfront cost by your monthly savings. If you plan to stay in the home beyond that break-even date, points usually make sense.